Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 12,135,803 $ 893,598
Accounts receivable (less allowance for credit losses of $50,375 and $30,000 in 2021 and 2020, respectively) 2,384,367 554,587
Prepaid expenses and other current assets 536,401 239,472
Total Current Assets 15,056,571 1,687,657
Property and Equipment:    
Property and equipment 6,595,236 7,845,423
Less—Accumulated depreciation (4,657,765) (5,543,822)
Net Property and Equipment 1,937,471 2,301,601
Other Assets:    
Goodwill 6,560,671 3,015,700
Operating lease right-of-use assets 422,318 241,911
Other assets 103,226 49,310
Intangible assets, net 2,254,566 455,935
Total Other Assets 9,340,781 3,762,856
Total Assets 26,334,823 7,752,114
Current Liabilities:    
Accounts payable and accrued expenses 1,343,391 979,552
Dividend payable 1,115,674
Deferred revenue 366,859 461,893
Line of credit 24
Finance leases payable 216,299 168,139
Finance leases payable related party 839,793 1,149,403
Operating lease liabilities short term 205,414 104,549
Note payable 374,871
Total Current Liabilities 2,971,756 4,354,105
Note payable long term 107,106
Operating lease liabilities 226,344 147,525
Finance leases payable 157,424 247,677
Finance leases payable related party 364,654 974,743
Total Long-Term Liabilities 748,422 1,477,051
Total Liabilities 3,720,178 5,831,156
 Commitments and contingencies (Note 6)
Stockholders’ Equity:    
Preferred stock, Series A par value $.001; 10,000,000 shares authorized; 0 and 1,401,786 shares issued and outstanding in 2021 and 2020, respectively 1,402
Common stock, par value $.001; 250,000,000 shares authorized; 6,693,793 and 3,214,537 shares issued and outstanding in 2021 and 2020, respectively 6,694 3,215
Additional paid in capital 38,241,155 17,745,783
Accumulated deficit (15,530,576) (15,734,737)
Total Data Storage Corp Stockholders’ Equity 22,717,273 2,015,663
Non-controlling interest in consolidated subsidiary (102,628) (94,705)
Total Stockholder’s Equity 22,614,645 1,920,958
Total Liabilities and Stockholders’ Equity $ 26,334,823 $ 7,752,114